O-I Glass, Inc. announced that Owens-Brockway Glass Container Inc. (“OBGC”), an indirect wholly owned subsidiary of the company, priced a private offering (the “Offering”) of USD 300 million aggregate principal amount of its 7.375 percent senior notes due 2032 (the “Notes”) at par.
The net proceeds to OBGC from the Offering are expected to be approximately USD 297 million, after deducting commissions but before offering expenses payable by OBGC. OBGC’s obligations under the Notes will be guaranteed on a joint and several basis by Owens-Illinois Group, Inc. (“OI Group”) and certain U.S. domestic subsidiaries of OI Group that are guarantors under OI Group’s credit agreement. The Offering is expected to close on May 30, 2024, subject to the satisfaction of customary closing conditions.
OBGC expects to use the net proceeds from the Offering to redeem all of OBGC’s outstanding 6.375 percent Senior Notes due 2025 (the “2025 OBGC Notes”).
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